On Wrong Side Of Aisle, Former SEC Lawyer Convicted For "Pump And Dump" Scheme

A former SEC trial lawyer is heading to jail following his conviction on a scheme that involved selling unregistered securities of nine companies.

"It is a sad day when a former U.S. Securities and Exchange Commission attorney uses what he learned in the government to later defraud the investing public," a Justice Department attorney said of Phillip Offill, Jr.

Offill worked in the SEC's Fort Worth office before entering private practice and eventually selling fake securities through email blasts and press releases. T he Wall Street Journal has the full report.

Offill, now 51, was a partner at Godwin Gruber. His law license was suspended in 2008 and federal prosecutors are asking for much more than that -- they are seeking $15 million in forfeiture and civil claims are still pending.